21) Which of the following is Type I error in statistics? A) a false positive B) a miss C) an incorrect sample D) failure to identify a true signal 22) Which of the following is a basic data analysis program? A) Microsoft Word B) Microsoft Excel C) Microsoft PowerPoint D) Microsoft Organizer 23) Which of the following is a difference between the programs Microsoft […]

    51. On a worksheet, the adjusted balance of the Supplies account is extended to:  A. the Income Statement Debit column. B. the Income Statement Credit column. C. the Balance Sheet Debit column. D. the Balance Sheet Credit column.   52. On a worksheet, the adjusted balance of the Supplies Expense account is extended to:  A. the Income Statement Debit column. B. the Income Statement Credit column. C. the Balance Sheet Debit column. […]

  81. The accounts receivable ledger:  A. Is for storing transaction data for customers. B. Is for storing transaction data for individual customers. C. Is for storing transaction data for individual creditors. D. Is for storing transaction date for creditors. E. Is also the controlling account. 82. Enterprise-resource planning software:  A. Refers to programs that help manage a company’s vital operations. B. Is another name for spreadsheet programs. C. Uses batch processing of business information. […]

  91. Which of the following best describe financing activities?  A. They primarily deal with securing money by bank loans or selling stock to investors. B. They primarily are connected to the income producing activities of the company as reported on the income statement. C. They primarily deal with buying and building facilities used over many years by the business. D. They primarily deal with selling facilities once used by […]

  135.Use the following data to determine the cost of goods manufactured.  Beginning finished goods inventory$10,800 Direct labor 30,600 Beginning work in process inventory 7,200 General and administrative expenses13,500 Direct materials used40,500 Ending work in process inventory 9,000 Indirect labor6,300 Ending finished goods inventory9,500 Indirect materials13,500 Depreciation—factory equipment7,500 A. $102,000. B. $110,100. C. $96,600. D. $113,700. E. $100,200. 136.Use the following data to compute total factory overhead costs for the month.  Sales commissions10,800 […]

  38.Which of the following is an internal control procedure used to safeguard a company’s assets?    A. Timely deposits of cash receipts into a checking account. B. Separation of duties. C. Reconciliation of the bank statement. D. All of these. 39.A customer paid $16.50 for merchandise with a twenty dollar bill. The sales person gave incorrect change of $4.50 to the customer. At the end of the day the […]

    91. On January 1, Year 3, All Business Machines (ABM) issued 1,000 shares of its common stock for a building. Real estate appraisers estimated the building to have a market value of $55,000 on the date of acquisition. The common stock of ABM sold for $50 per share on the date of the acquisition. On January 1, Year 3, ABM paid $650 in real […]

  Short Problems 1.Lincoln Co. purchased a piece of property (land and building) at a tax sale for $110,000. Reliable estimates of the fair market values of the land and building are $34,000 and $70,000, respectively. What is the gain that Lincoln Co. should record from this advantageous purchase? 2.On December 1, Dominican Corp. purchased a tract of land for $325,000 to be used as […]

  Multiple Choice Questions 26. PFP is a High Performance Work Characteristic and is linked to a firm’s performance particularly when the: A) CEO pay is a lower base pay with the majority of compensation coming from incentive plans. B) PFP system is closely aligned with the company’s strategic objectives. C) company has both profit sharing and employee stock option plans established. D) performance is […]

  6) If the direct write-off method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer’s account as uncollectible? A) Bad Debts Recovered B) Bad Debts Expense C) Accounts Receivable D) Interest Expense   7) What would be the basis for the following entry on a firm’s records?   Bad Debt Expense 150 Accounts Receivable 150 […]